Good morning! Today is Wednesday, August 26. First Lady Melania Trump headlined the second night of the Republican National Convention. More airline job cuts could pressure President Trump and Congress to pass another stimulus package. A laptop shortage is hitting U.S. schools. Tropical Storm Laura is upgraded to a hurricane as it approaches the Gulf Coast. And in mortgage and housing news … FEE DELAY: Faced with a barrage of criticism, FHFA delays the “adverse market” refinance fee by 90 days. HOUSING PRICES: House prices in the United States jumped by 5.4 percent over the year before in the second quarter – the 36th straight quarter home prices have risen, according to a Federal Housing Finance Agency report KEEPING FEE PRUDENT: The GSE refinance fee is…
Good morning! Today is Tuesday, August 25. Delegates at the Republican National Convention renominated Trump for a second term as president. Some students are demanding a tuition cut as more colleges are turning to virtual learning. Elon Musk will unveil a brain chip that shows neurons firing in real time. And in mortgage and housing news … FORBEARANCE REPORT: The share of US households whose mortgages are in forbearance barely dropped this week, with 3.6 million loans still on hold amid the coronavirus pandemic, the Mortgage Bankers Association announced. BUILDER RATINGS: Avid Ratings will survey buyers at move-in and display reviews on builders’ Zillow profiles, community pages, and property listings. WAREHOUSE SPACE: The increases in warehousing and storage employment reflect a rebound in demand for warehouse…
Good morning! Today is Monday, August 24. The Republican National Convention starts today. New Covid-19 cases in the U.S. are at their lowest level in two months. Tropical Storms Marco and Laura, expected to grow to hurricanes, will likely make landfall in Louisiana this week. And in mortgage and housing news … UNITED SHORE CITED: Michigan state workplace safety officials issued a citation to United Shore Financial Services – where at least 84 employees have been diagnosed with COVID-19 – for “failing to implement necessary precautions to protect employees” during the pandemic. EXISTING HOME SALES: Existing home sales in the United States surged 24.7 percent in July, the second straight month of record-setting gains. The increase in July was the most in history – after…
Good morning! Today is Friday, August 21. Joe Biden officially accepted his nomination for president. American Airlines is dropping service to 15 cities. Two tropical depressions now in the Atlantic Ocean could both be making U.S. landfall at about the same time. And in mortgage and housing news … BANKERS ASSAIL FEE: Bankers associations from every state sent a letter to Federal Housing Finance Agency Director Mark Calabria, urging him to rescind the “adverse market fee” on Fannie Mae and Freddie Mac mortgage refinances. STILL UNDER 3: The 30-year fixed-rate mortgage averaged 2.99 percent this week, up just slightly from last week, Freddie Mac announced in its Primary Mortgage Market Survey. MEDIAN SALE PRICE: According to a new report from Redfin, the median sale price for luxury…
Good morning! Today is Thursday, August 20. Sen. Kamala Harris becomes the first woman of color to accept a major party nomination for vice president. Wildfires are spreading quickly in Northern California, causing poor air quality and some home evacuations. A new study finds that smiling often, even when you don’t feel like it, generates a more positive mood. And in mortgage and housing news … MORTGAGE APPS: Mortgage applications were down last week, but remain higher than a year ago. HERE TO STAY: The Federal Reserve just confirmed it will keep doing its part so today’s deeply cheap mortgage rates will stay that way. HOMEOWNERS COPING: Homeowners are making mortgage payments even as COVID-19 threatens their financial health. TRUMP VS. BIDEN: How each presidential pick would shape the…
Good morning! Today is Wednesday, August 19. Democrats formally made Joe Biden their presidential nominee last night. President Trump expressed support for Oracle to buy Tik Tok. Death Valley recorded one of the earth’s hottest temperatures – 130 degrees. And in mortgage and housing news … SAVE OUR SUBURBS: President Trump again vowed to “save our suburbs” from the “crime and chaos in Democrat run cities,” this time in a joint op-ed with Housing and Urban Development Secretary Ben Carson published in the Wall Street Journal. HUD FORECLOSURE BAN: The Department of Housing and Urban Development will extend a ban on evictions and foreclosures for homes backed by the Federal Housing Administration through the end of the year, protecting 8.1 million people. MORE MORTGAGE SURPRISES: The new…
Good morning! Today is Tuesday, August 18. Democrats begin their virtual national political convention. California is facing the largest power outages in history. After two weeks of in-person classes, the University of North Carolina reverts to online remote learning after a Covid-19 outbreak. And in mortgage and housing news … NINE WEEKS: The number of US mortgages in forbearance dropped for the ninth straight week – with 3.6 million homeowners still pausing their loan payments during the coronavirus pandemic, the Mortgage Bankers Association announced. LATE: The delinquency rate for home mortgages increased by nearly 4 percentage points during the second quarter as the Covid-19 pandemic fully took hold in the United States HOTTEST HOUSING MARKETS: The top 10 hottest housing markets and the trends that are shaping the kind…
Good morning! Today is Monday, August 17. Democratic lawmakers called the leaders of the U.S. Postal Service to testify before Congress about the implications of reduced mail service. New Zealand postponed its elections amid new coronavirus cases. California is plagued by scorching heat (130 degrees!), lightning, blackouts and even fire tornadoes. And in mortgage and housing news … UNITED SHORE COVID: There are 84 COVID cases reported at United Shore – but CEO Matt Ishbia says it’s not spreading at the office. Some employees aren’t buying it. BORROWER HURDLES: Banks’ due diligence is making loans harder to get. EVICTION RELIEF: Tenant groups seek banks’ help to forestall evictions. Tenants-rights advocates around the country are seeing a housing crisis begin to crest in the surge of the coronavirus…
Good morning! Today is Friday, August 14. After the U.S. Postal Service cites concerns about its capacity to meet delivery standards, Pennsylvania asks court to extend mail-in voting deadlines. The Justice Department said it determined Yale University has discriminated against Asian-American and white applicants. The Pentagon is investigating UFO sitings. And in mortgage and housing news … ADVERSE MARKET: A coalition of housing, banking and public interest groups strongly condemned the Federal Housing Finance Agency for implementing an “adverse market fee” on Fannie Mae and Freddie Mac mortgage refinances. MORTGAGE RATES: The 30-year fixed-rate mortgage averaged 2.96 percent for the week – up slightly from last week’s record 2.88 percent, according to Freddie Mac’s Primary Mortgage Market Survey. BEATING THE FEE: How homeowners can beat the…
Good morning! Today is Thursday, August 13. New Hampshire issued a mask mandate ahead of a motorcycle rally in the state, citing the Covid-19 spread following the Sturgis rally. A fast-moving wildfire forces evacuations in southern California. The owner of the Dallas Cowboys told reporters his team will play all of their home games in front of fans in a stadium with “naturally-built airflow.” And in mortgage and housing news … INVADING SUBURBS: President Trump warned about low-income housing “invading” suburban neighborhoods if Joe Biden is elected president, repeating a theme he has brought up in recent weeks. PROVE IT: The New Jersey attorney general challenged the Trump Administration to provide evidence for his claim that affordable housing leads to increased crime in communities. MORTGAGE…
